‘The top firms continued to do the best. “In 2025, the top 20 managers have generated 41 percent of the gains made by all hedge fund managers. Yet they only represented 16.6 percent of the assets under management,” Sopher said. “The money weighted return of the top 20 in 2025 was 15.7 percent — far better than the rest of the hedge fund universe.” For comparison, the HFRI Fund Weighted Composite Index returned 12.6 percent last year.’